Question
Hardaway earned $127,500 of compensation this year. He also paid (or had paid for him) $6,400 of health insurance (not through an exchange). What is
Hardaway earned $127,500 of compensation this year. He also paid (or had paid for him) $6,400 of health insurance (not through an exchange).
What is Hardaway's AGI in each of the following situations? (Ignore the effects of Social Security and self-employment taxes.)
a. Hardaway is an employee and his employer paid Hardaways $6,400 of health insurance for him as a nontaxable fringe benefit. Consequently, Hardaway received $121,100 of taxable compensation and $6,400 of nontaxable compensation.
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Hardaway earned $127,500 of compensation this year. He also paid (or had paid for him) $6,400 of health insurance (not through an exchange).
What is Hardaway's AGI in each of the following situations? (Ignore the effects of Social Security and self-employment taxes.)
b. Hardaway is a self-employed taxpayer, and he paid $6,400 of health insurance himself. He is not eligible to participate in an employer-sponsored plan.
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Horngrens Cost Accounting A Managerial Emphasis
Authors: Rajan Datar, Srikant M. Datar
16th Edition
9352860195, 978-9352860197
